SAIF, Sequoia, Tiger investee Just Dial looks to launch IPO
Indian search firm Just Dial Pvt – which has received more than $10 million worth of funding from early backer SAIF Partners – is set to launch its IPO, which may come as early as the end of the year.
Just Dial is a local search engine operating across 240 cities in India enabled for both PCs and the mobile web, launched in 1994. SAIF was an early investor in the business, contributing INR50 crore ($10.9 million) to Just Dial in 2006 as part of its first-round funding. One year later, Tiger Global invested INR77 crore ($16.6 million), making both SAIF and Tiger the largest investors in the company with a more than 20% stake each, according to reports. A third large-scale investor, Sequoia Capital India, has less than 10% in the company, investing INR40 crore ($8.6 million) last year.
With this support, Just Dial aims to raise between $43 million and $54 million in its public debut, which it will use to expand globally, reports add. Following the IPO, SAIF, Tiger and Sequoia Capital are expected to maintain their stakes in Just Dial.
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